A Shift in Capital Preference From Bitcoin to Gold: USD Leverage and Institutional Risk

2026-01-20 14:25:15

Source: CryptoNewsNet Original Title: BloFin Research Analysis: A Shift in Capital Preference From Bitcoin to Gold Original Link: The first week of 2026 offered investors a distinctly unromantic reminder: when the macro narrative shifts from “growth and inflation” to “institutional and governance risk”, performance is no longer about whose story sounds best, but about which assets look most independent under stress.

Gold and silver’s relative strength, alongside the relative weakness of BTC and ETH, captures that repricing. Hard assets are competing for an “independence premium”, while major cryptoassets are increasingly trading like high-volatility dollar risk. This isn’t to argue that crypto has lost its long-term case.

It’s that, in the current framework, the market is focused on three questions: What do you settle in? Who’s the marginal buyer? Which risk bucket do you sit in within a portfolio? On those points, the gap between precious metals and crypto is widening.

USD-Denominated Leverage and “Institutional Risk”

A quick look back at Bitcoin over the past year helps. During last April’s “Liberation Day” rally, BTC stabilised first and then rebounded, printing a new high of $126k six months later. The “digital gold” narrative mattered

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